Pilbara & Liontown Touch Record Short Positions

AVZ Minerals to delist following 2 year suspension

G’day GC #

The Pre-Start

  • Northern Star group mineral resource is up 3.9moz to 61.3moz (NST). Pogo reserve grade sits at 8.0g/t, though we are yet to see close to that operationally. This is resulting from the development ore component and difficulty controlling stope dilution (mining parts of a mountain see less confined stress holding the ground together in parts).

  • Macmahon secured 3-year $352m contract extension at the Tropicana underground project, Boston Shaker (MAH). Macmahon also hold the open-pit contract at Tropicana for life of mine, so a good site for them to dig their heels into.

  • Liontown and Pilbara Minerals are currently sitting at record-high short levels, 10.7% and 22.1% (shortman.com)

  • Meteoric sign non-binding MOU offtake with Neo Performance Materials for 3kt of TREO from their Caldeira clay rare earth project in Brazil (MEI). Still awaiting studies, funding ($250m debt-funding provided by US export-import bank) and construction permits (Q4 2025).

  • Toro Energy magically increased uranium resource 115% by simply changing the cut-off grade (TOE). Just to be clear, nothing has happened here.

High Grade It

  • BHP shareholder Vision Super said the mining giant expanding its coal portfolio through an acquisition of Anglo American could be positive, focusing on BHPs strategy for managing emissions (The West)

  • According to a survey by Bloomberg with analysts and traders, BHP would need to pitch over £30/share to acquire Anglo

  • AVZ Minerals is set to be removed from the ASX this month in what will mark 2 years since shares traded (The West)

  • Victoria is mulling a delay in its first offshore wind auction amid concerns of muted bids (The Australian)

  • Australia is cracking down on foreign investment in critical minerals while aiming to speed up approvals in low-risk areas to boost economic growth (Mining.com)

  • Poseidon Nickel said that Mineral Resources has virtually reneged on a $15m deal signed in March to buy Lake Johnston (The West)

  • Gold held its hefty decline in the previous session, as hot US economic data further dented hopes of a Fed rate cut (Bloomberg)

  • Pilbara Minerals short position surpassed 22%, equating to $2.7b worth of stock, with the stock at a similar level to 12 months ago (The West)

  • The US$25b expansion of the Trans Mountain pipeline in Canada received final regulatory clearance to start shipping crude from the oil sands to Canada’s Pacific Coast (Bloomberg)

  • A new Anglo American analysis doing the rounds has put a valuation on the company’s copper assets of US$35b (Mining.com)

Wheelin’ n Dealin’

  • Greatland Gold may buy back Havieron from Newmont, if the major follows through with a sale, following comments from MD Sean Day (Mining.com)

  • Toronto-based hedge fund MM Asset Management disclosed it held over 5% of Deep Yellow stock on Monday (AFR)

Rattlin’ the Tin

  • Deep Yellow completed tranche 2 of its placement, securing $79.5m (DYL)

  • Predictive Discovery completed a $50m placement following the release of its Bankan PFS, now targeting its DFS (PDI)

  • Metro Mining completed the raising of $40m via a placement with a $4m share purchase plan launched today (MMI)

  • Hot Chili announced plans to raise $30m (HCH)

  • ADX Energy are raising $13.5m via a placement (ADX)

  • Mitre Mining raised $10.5m to advance its Chilean silver-gold asset (MMC)

Word on the Decline

  • Redhawk’s PFS for their Blacksmith Project released yesterday showed some tidy numbers assuming a 446km truck haulage route to Port Headland. But what if the logistics route could be simplified by Mineral Resources’ haul road to Onslow?

In the Weeds

  • Billionaire Vincent Bollore is considering building an electric car battery factory in eastern France, with a 2030 mooted open date. This’ll join similar French ambitions by a Stellantis-Mercedes JV, numerous start-ups as well as plans by Renault and Chinese group Envision (Bloomberg)

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Devil’s in the Detail

A tiff just played out in the Federal Court per Panoramic’s recent ASX release. The Receivers (appointed by Trafigura) were in disagreement with the Administrators about whether the cash balance was ‘secured property’ or not. One thing is for sure, lawyers would have ended up with more cash and there’s probably less left for the other creditors now…

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